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Notice of Intent to Accelerate from Bank of America

Submitted by on Thu, 06/25/2009 - 09:19
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Hi everyone. Long story short - I have a second mortgage with Bank of America (originally Countrywide). I bought a home for $290k in April 2006. Citi has the first mortgage for $232k; B of A has the second for $58k.

The B of A loan has an interest rate of 9.375%. Each month I pay almost $500 in pure interest. I know - it was stupid to take the loan. But I did.

Anyway, lost my job and found a new one, but at 15% less pay. Meanwhile my house value has dropped precipitously - now it's worth (optimistically) $200k. That's official - neighbor in similar house / lot was just appraised for $205.

I have missed my May and June payments with the B of A loan. On June 2nd, I received a Notice of Intent to Accelerate. It stated that if I don't pay them $1000 by July 2nd, they will begin foreclosure proceedings (the emphasis on 'will' was in their letter).

I want to keep my home. But the $500/month in interest is awful and there is no equity in the house to support that second lien. So I'm not certain why they would foreclose only to receive.... nothing. Because Citi would get everything at the foreclosure sale.

I would like B of A to lower my interest rate to 0% for a year and then raise it to a maximum rate of 5% over three years. That should give me enough time to (hopefully) get a raise or two and eliminate other expenses.

So I have two questions -

1. Has anyone successfully had a second mortgage modified by B of A? What are my chances of a modification if the equity doesn't support their lien?

2. How serious is this Notice of Intent to Accelerate? I'm not even 60 days past due. Will they really foreclose after 60 days?

This is longer than I intended. Sorry! :roll: I'm not trying to get the principal reduced, or anything - just some breathing room while my budget adjusts.

Thanks for your help.
-Anna


You need to call them and find out what they can do to help...maybe they can defer a payment or two while you work things out...

The main thing is that you TALK with them...if they don't hear from you, they can only assume that you're not interested in working things out.

If you can, talk with an attorney before you call them so you have an idea of how to deal with this.


Submitted by desperatelyseekingsanity on Thu, 06/25/2009 - 11:58

desperatelyseekingsanity

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desperatelyseekingsanity, Thanks for your response.

I have called them. And I submitted a hardship letter two weeks' ago.

They tell me that foreclosure proceedings will continue while they're 'reviewing' my letter (whatever that means).

I also receive constant collection calls from India and those reps know nothing about my hardship letter. When I call B of A, they just ask if I can pay.

That's why I was asking about loan modifications.

Maybe I should just type up my own load modification request and submit it to them, rather than wait for them to respond to my letter.


Submitted by on Thu, 06/25/2009 - 12:15

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Anna-
So, I have almost the same EXACT situation as you. Today is July 7, 2009 and I see you needed to respond back to B of A by July 2, 2009, what happened? Did B of A work with you? Your response back would and any advice would really help.


Submitted by on Tue, 07/07/2009 - 20:10

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Is the notice of intent to accelerate a scare tactic or will BofA start forclosure proceedings? I'm trying to determine if I should completely tap out my savings and borrow money to bring the loan current while I wait for my loan mod. review to be complete.


Submitted by on Thu, 07/23/2009 - 16:05

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This is exactly what I'm trying to find out! My position is this-I sent B of A my hardship letter back in February or March, they said that they would review my letter, blah...blah...blah! I asked if I could quailify for a loan modification. Basically, everything has been OVER THE PHONE! COMPLETELY OVER THE PHONE. They verbally take my financial information OVER THE PHONE. They told me over the phone that I don't quailify and she couldn't tell me why. So I said "F" it. Knowing that the 2 houses next to me sold for $150,000-$180,000. There is NO WAY I'M GOING TO PAY FOR MY HOUSE LOAN THAT IS APPROX. 500K. I need to refinance in 2-3 years and I WON'T BE ABLE TO BECAUSE I HAVE NO EQUITY. IF I'M LUCKY MY GREAT, GREAT GRANDKIDS WILL SEE ANY EQUITY IN THE HOUSE! So, my ONLY chance in keeping this house is through a loan modification BUT I CAN'T TALK TO A ACKNOWLEDGABLE PERSON!! It is so frustrating! I was sent the "Notice of Intent to Accelarate" letter and I need to pay my total morgage by the end of this month. If ANYONE is going through this process or has advice.......please let me/us know! To be honest with you, I already used all my savings (completely) AND borrowed money from friends and family. I would rather KEEP my money and have food on the table and pay for gas. What if you use all your money and use all your resources and B of A doesn't modify your loan? Meanwhile, you pay your morgage and they get their money and you have nothing to bail you out?

I DON'T KNOW WHAT IS GOING TO HAPPEN IN MY SITUATION BUT IF ANYONE HAS RECEIVED THE "NOTICE OF INTENT TO ACCELARATE" LETTER AND HAS HAD SOME RESOLUTION EITHER BAD OR GOOD. PLEASE POST SOME ADVICE!!


Submitted by on Fri, 07/24/2009 - 22:08

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Negotiating with a mortgage lender is all about leverage. Know your state's anti-deficiency laws. Figure out how much equity there is for the 1st note holder, and then the 2nd.

These are important factors in understanding if the 2nd would actually follow through with a foreclosure or if they are just barking.


Submitted by ball_mich on Wed, 07/29/2009 - 07:43

ball_mich

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Hi, Just came accross this post because I was looking up info myself. I too have gotten that "notice". I currently have my 1st and 2nd TD with CW --now BofA. I owe about $556 on my first and $60k on my 2nd TD. I will be brutally honest. It took forever to get anything done on my 1st TD with CW and I was an employee of theirs and I had to eventually go almost 90days to get anyone to listen and I know what I am talking about--I had perfect credit and even called them months prior with no help. I am an Underwriter in this business and what I find is that people are very quick to judge others when they have no idea of each persons situation. At the time my husband and I bought our home we went Full doc and we both had good jobs in this industry. When it came crashing down NOBODY could forsee the amount of foreclosure actitivty that would take place--Not even the so called experts. Well my husband got laid off and has been struggling to hold onto each temp job he gets. I have been lucky to hold on but everyday could be the day I lose my job too. We have had so many foreclosures in and around our neighborhood I would be lucky to even get $350k for our house. It took months for them to finally modify our 1st but they did and really we are only paying so we can stay in the house. The 2nd--WILL DO NOTHING--I will say it again--THEY WILL DO NOTHING...We have talked to them so many times it is redundant. All they can manage to come up with is try and short sale---They have no idea of what they speak--You never will get anyone on the phone that can help--no department --no person etc....believe me I have tried until I am blue in the face. I tell them the scenario of my value vs what I owe and I get no answer. The wont modify or do anything to help with the payment. This is BofA (I am in CA). It is worthless to try and get the lender to work with you on the 2nds. I know plenty of people, friends and nothing is done. I have now chosen to speak with an attorney to see what this may do and if nothing I will prepare to walk away from the house altogether but I know with kids that could be very difficult. I will let you know what I find out. Oh and please do not let some people scare you into thinking you will never be able to get a home again after you foreclose--lies! Most guidelines allow you to do so after 2 to 3 years even if it is on your credit and guranteed those guidelines will even change more so because of what is happening right now. Peace :roll:


Submitted by on Tue, 08/04/2009 - 17:31

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my husband and i are going through the same situation. the people we have talked with have run our numbers through their little program peramiters. "sorry, we can't help you because you owe to much money" Debt ratio. hello anyone at all listening out there? we don't have enough money and that is the problem!!!! that is why we need their help.
one very rude BofA lady said to me as i'm crying on the phone. " Well, you can sell the house, that would help."
bofa is our second loan so our primary lender Aurora Loan Services has been quite helpful. I called Aurora after being told bofa will forclose after Aug 21. the lady at aurora was so cute. "no, they most certainly can't do that without your primary lender agreement, and since we are in the process of loan mod w/ them, Aurora would not do it.
so i faxed over our temporary agreement w/ Aurora to bofa. when they recieved that fax, their answer is now that our loan is in "review". i hope that is a step in the right direction.
BofA work out department fax # 800/658-0395 make them oil the squeeky wheel. if you are in a work out plan with another lender, let BofA know that you are trying.
our govenment help money? BofA has already invested it in different ventures.
out of 800000 loan mods that people are elegable for BofA has only processed 4% of the mods ytd.


Submitted by on Tue, 08/11/2009 - 20:03

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My mortgage was with Country Wide for 12 yrs, then Bank of America took over. Until last month I was NEVER behind on a payment in all those years. But now I've lost half the kids in my daycare over a period of only 3 months due to their parents all losing their jobs.
I couldn't make my July payment, so I called BofA. They rudely stonewalled me. I was repeatedly passed from one sold shouldered dept. to the other until the last person I spoke to said point blank, "The bottom line is, we're not in a position to do anything at all to help you. I recommend you do anything you have to do to come up with the money ASAP."
On August 12th I was able to pay the July payment, and the $50 late fee, but there was no way I could also come up with my August payment.
Today I received a Notice of Intent to Accelerate. It states that I have to get my account FULLY up to date within 14 days ($2,459.00) or they WILL call in the entire $150K that I owe. I didn't know it was legal to start foreclosure proceedings when a payment is only ONE month behind. Can they do really do that?


Submitted by on Fri, 08/21/2009 - 10:54

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I am only 2 months behind and got a notice and am waiting for news from filing a hardship packet.
They said I will hear a decision by Sept. 23...I am still making my payments and they are still late.
I work for a school district and had my salary cut $20,000 a year and they wonder why I am having problems. They tell me not to call, that will set things back but I am afraid when it comes to the end I will be screwed and they will still have all my money ! Oh and they also want me to drop my $40. a month life insurance policy ...Yeah I can't see that making a big difference NOT !!!!!


Submitted by on Sun, 08/30/2009 - 10:27

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Just recieved our Notice of intent to accelerate-we are 5 months behind on mortgage pymts and have been calling and sending hardship letters to B of A for months. It looks like they are unwilling to do a loan modification. Our payments have jumped up to an amount we cannot afford and our home is worth one half of what we paid for it-and we have no equity. Should we invest in an attorney or walk away?


Submitted by on Fri, 11/13/2009 - 13:21

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To anyone facing foreclosure and a notice to accelerate, contact your local HUD department. It seems that Bank Of America changes their tune once they realize that they are speaking to a HUD officer. Unfortunately, the HUD officer that represented us took an interest in helping us at first and then changed his tune. He will no longer answer our phone calls or return our messages. But not everybody at the HUD office will be like that. Find the right person to help you.


Submitted by on Fri, 11/13/2009 - 15:49

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So B of A has both my first and second mortgages, like every homeowner out there the house is worth less than it owed on the first. What can B of A do if I keep the first mortgage current and default on the second? Will they really foreclose knowing that there isn't enough value to even cover the first note. Wouldn't the good business decision be to modify the 2nd since the first is current? I just got the letter of intent to accellerate after missing the Oct 30th payment and then the Nov 30th payment. The letter was generated the next day. I am not even through the grace period for the Nov. 30th payment. Unbelievable.


Submitted by on Thu, 12/03/2009 - 19:54

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We have had the same issue with boa...our loan was with taylor bean then went to boa...we were never late...now with the economy we have had 3 relatives move in with us because they are unemployed and evicted...i tried to work with boa...what a joke!!!!! They are rude, inconsiderate and unprofessional...their customer service is non-existant...we don't qualify according to them for government assistance because we make too much, don't qualify for refinance because we don't make enough...so they told us we have 15 days to pay $4000...i contacted an attorney...he said they are the worst to deal with and don't waste your time...he is taking over and will negotiate with an attorney when they file foreclosure...he said you get better results from dealing with the attorney than you do boa...he is well worth the money we paid him and we aren't making any mortgage payments right now...putting some of that money away for when we need it later...


Submitted by on Thu, 12/10/2009 - 12:22

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I owe BofA about $570k and GMAC about $200k (second). My house is worth $440k. I haven't made a payment to GMAC for over a year. They have offered me to settle for $20k. I offered them $5k last night and they said the "investor" won't go for that. Well, it's either that, or NUDDIN' AT ALL. And they know it. Unfortunately, I think they will cut their nose off dispite their face and reject my offer. If they accept or counter at around 10k, I'll take that offer to BofA and ask that they modify my loan and drop the principle to the market value. If they say no, then I'll walk away and both BofA and GMAC will get an empty, uncared for, depreciating asset. I'll rent a comparable house for half the mortgage payment and save the rest. After about 3 years my credit will be good enough to buy a home and I'll have the down payment. After 3 years the market should be stabilized as well. Home ownership works only when you have a stable or appreciating asset. Otherwise, why?


Submitted by on Tue, 02/16/2010 - 10:24

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I have tried in vane for three months for B of America to help. All the customer service people are very rude and always tell me I do not make enough money. Hello, I want to pay partial payment but still they refuse to accept it. Now I receive a Notice of Intent to Accelerate and they want $2,600.00 or will forclose on my home. Shame on the Bank of America and our government programs which offer advise instead of help to people like us who were not in position to pay the full amount


Submitted by on Mon, 02/22/2010 - 16:13

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I am currently $2k behind on a $2k mortgage. That's equivalent to one month. We have been behind about $300/month for many months due to a pending loan mod. Now we are receiving LOI to accelerate. Emphasis on WILL RESULT IN F/C PROCEEDINGS.
According to BOA rep, we should ignore letter.
Now they are saying pay by 1st (2 weeks) or else.
Remember, pay what's agreed in writing. Don't believe verbal promises.


Submitted by on Mon, 03/15/2010 - 07:03

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Hello everyone, I am in desperate need. I have received a notice of intent and I have till 4/7/10 to pay $2,780. I only will have $2,000. I called and spoke with the reps and one said I shouldnt worry and as long as I pay the rest by 4/30 it shoulf be fine. the other rep tells me to worry. That there is not much they can promise me. then he tells me if they file a notice of default they wont accept any more payments. But I thought I have a chance to pay the past due plus legal fees. I have no clue what to do. Please can someone help me. Does someone here know my rights and the process. please


Submitted by on Mon, 03/29/2010 - 18:02

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I gave up with BofA....my credit is shot anyway....filed a Chapter 13 Bk. With no equity to support the 2nd Mortgage it becomes an unsecured debt and is wiped out in the BK.....No headaches....affordable payments....and they gave me "NO CHOICE" my house is 140K upside down.....sometimes you have to weigh your options and in California BK is up 75% is this because banks won't work with you.


Submitted by on Mon, 05/10/2010 - 17:56

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Just rec'd notice to accelerate.. modified my first with Wells Fargo after over a years -- I have faxed forms and given info over the phone to Bof A for almost two yrs and all I get is in review or they never recd my info -- I have not gotten a letter until today for almost a yr -- I owe 336,000 on my first and 59,000 to B of A -- what a joke -- I have called my first to verify if thry have rec'd anything regarding my note and they have not... not sure what we will do at this point ....


Submitted by on Fri, 05/28/2010 - 14:51

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Quote:

Originally Posted by Anonymous
I gave up with BofA....my credit is shot anyway....filed a Chapter 13 Bk. With no equity to support the 2nd Mortgage it becomes an unsecured debt and is wiped out in the BK.....No headaches....affordable payments....and they gave me "NO CHOICE" my house is 140K upside down.....sometimes you have to weigh your options and in California BK is up 75% is this because banks won't work with you.



So you were able to keep your house ?? that is where we are heading I think


Submitted by on Fri, 05/28/2010 - 14:52

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I have rec'd a notice to accerlate and spoke with a BOA rep in the collection department. Supposingly she will send a request to the hardship dept. I have gotten that same info over and over again each time I have spoken with someone there. I was to receive a packet of documents from them within 30 days. I don't have the money to come current with the loan so I requested a Deed in lieu of, but still no paper work. BOA did a modification on my 2nd mtg and gave me a Special Forebearence on the first. At first I was okay with that because I felt that in six months I would find work. Well no job and now they want $3800 by 6/4/10 or they will start foreclosure. The value of my home has dropped a great deal and I am now wondering if I should just walk away. Not sure what they plan on doing. I have also been blocked from reviewing my own account. Wish I had some good advice to give out, but I am standing between a boulder and a hard rock.


Submitted by on Sun, 05/30/2010 - 08:00

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Woo Hoo!!~! I just picked up my "Notice of Intent to Accelerate" today from the Post Office. I had filed a "Modification" 1st week of May when I fell behind (1) month. They sent the letter June 16th. Guess I should of picked up sooner. B of A wants $1900.00 by July 16th. The rep stated, it is just a computer generated letter, and not to worry, BUT they "the Noteholder's" want their money. WTH!!~!! B o A sent out letters telling us if we need help, go through the "Modification". B o A does have the WORST Customer Service ever, Countrywide was so helpful. But they are gone, so we have to put up with the Crap from B of A. The Rep from the "Modification Dept", told me that I should follow-up with them ever 3 days, she said KEEP calling and asking. I just assumed after I sent in application, they would take care of it. That's what I get for "Assuming"!!~! Hey, any of the above replies, Has anything happened to you???? Please let us know. I don't want to lose my home, I have had for 9 years. This is Bull-S$it!!~!! ;) From Cali!!~! ;)


Submitted by on Tue, 06/29/2010 - 13:33

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Wells Fargo is just as bad as BoA. Modifications are a joke with them, they string you along and refuse to help. Have any of you talked to any lawyers(free consult) about Chap 13 Bankruptcy, believe it or not if have a 2nd mortgage and are upside down in the value with your primary mortage-Chap 13 is the best way to go if you want to keep your house. Most states-if you owe more on your first mortgage than the home is worth-your 2nd mortgage is stripped!! Thats what most people are having problems with-the 2nd mortgage-file Chap 13 get the 2nd mortgage stripped and you get to keep your home as long as you keep to the trustees payment plan(primary mortgage payments go to the Trustee for anywhere of 3-5 years) once that final payment is done it reverts back to your mortgage holder and your 2nd mortgage is GONE.
Chapter 13 is a godsend!! My plan is 5 years of payments because of all the credit cards we had, down to 4 to go


Submitted by on Wed, 07/07/2010 - 16:34

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i am facing the same with Bank of America. I just received a letter today. I have beeing waiting for a payment plan from them since March 2010. i have until Aug 8 to come up with 45,000, which i truely do no have. Please advise.


Submitted by on Fri, 07/23/2010 - 11:19

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I became unemployeed due to medical reasons almost two years ago. I luckily have disability insurance but that income is less than half of my original income. Understandably it became difficult to keep up with my household bills. I cut everything back to bare bones and cashed in retirement but still lacked a lacked the ability to handle all of the bills. I contacted my mortgage company, Bank of America, and started the process for a mortgage modification under the Making Homes afforable program. It took about 14 months of me hounding them for them to finally approve the modification. During that time I was repeatedly given incorrect information. It seemed to me that just wanted to drag it out as long as possible hoping I would go away. I did not really get any action until I missed several payments. Then they became more cooperative. Between the trial period and the actual modification time it has been about six months. I have made every payment on time with no problem. However, I just received a notice of intention to accelerate claiming that I am behind on the mortgage. The payment amount they are requesting is back to my original payment prior to the modification. I have the documentation signed by BOA acknowledging the modification was approved. I have all of the proof I need so I am confident that I will be able to stop the foreclosure process. However, I was wondering if there groundless threat was actionable legally? Does anyone know if any law prohibits them from sending treating letters when the account is current?

Quote:

Originally Posted by Anonymous
This is exactly what I'm trying to find out! My position is this-I sent B of A my hardship letter back in February or March, they said that they would review my letter, blah...blah...blah! I asked if I could quailify for a loan modification. Basically, everything has been OVER THE PHONE! COMPLETELY OVER THE PHONE. They verbally take my financial information OVER THE PHONE. They told me over the phone that I don't quailify and she couldn't tell me why. So I said "F" it. Knowing that the 2 houses next to me sold for $150,000-$180,000. There is NO WAY I'M GOING TO PAY FOR MY HOUSE LOAN THAT IS APPROX. 500K. I need to refinance in 2-3 years and I WON'T BE ABLE TO BECAUSE I HAVE NO EQUITY. IF I'M LUCKY MY GREAT, GREAT GRANDKIDS WILL SEE ANY EQUITY IN THE HOUSE! So, my ONLY chance in keeping this house is through a loan modification BUT I CAN'T TALK TO A ACKNOWLEDGABLE PERSON!! It is so frustrating! I was sent the "Notice of Intent to Accelarate" letter and I need to pay my total morgage by the end of this month. If ANYONE is going through this process or has advice.......please let me/us know! To be honest with you, I already used all my savings (completely) AND borrowed money from friends and family. I would rather KEEP my money and have food on the table and pay for gas. What if you use all your money and use all your resources and B of A doesn't modify your loan? Meanwhile, you pay your morgage and they get their money and you have nothing to bail you out?
I DON'T KNOW WHAT IS GOING TO HAPPEN IN MY SITUATION BUT IF ANYONE HAS RECEIVED THE "NOTICE OF INTENT TO ACCELARATE" LETTER AND HAS HAD SOME RESOLUTION EITHER BAD OR GOOD. PLEASE POST SOME ADVICE!!


Submitted by on Sun, 07/25/2010 - 15:55

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It took me 14 frustrating months to get Bank of America to agree to a modification. During that time I had used savings to keep the mortgage current. I finally quit making payment because I did not want to end up homeless and with no savings. After the second missed payment they finally agreed to a modification. A friend of mine in the mortgage industry told me that while the Making Homes affordable plan should be available to anyone facing a financial hardship that qualifies the banks will not even look at it for possible modification until its about to go to 90 days delinquent. Something about 90 day delinqencies having a negative impact on the lender. Dont know your situation so I dont know if skipping two payments is an option for you or not but it worked for me. However, if they had declined to modify I would have been so far in the hole it would have been impossible to save my home. I had decided that if the payment were not reduced I would lose the home anyways so it was better to lose it with at least some savings in tact.
Hope it works out for you.
Quote:

Originally Posted by Anonymous
Woo Hoo!!~! I just picked up my "Notice of Intent to Accelerate" today from the Post Office. I had filed a "Modification" 1st week of May when I fell behind (1) month. They sent the letter June 16th. Guess I should of picked up sooner. B of A wants $1900.00 by July 16th. The rep stated, it is just a computer generated letter, and not to worry, BUT they "the Noteholder's" want their money. WTH!!~!! B o A sent out letters telling us if we need help, go through the "Modification". B o A does have the WORST Customer Service ever, Countrywide was so helpful. But they are gone, so we have to put up with the Crap from B of A. The Rep from the "Modification Dept", told me that I should follow-up with them ever 3 days, she said KEEP calling and asking. I just assumed after I sent in application, they would take care of it. That's what I get for "Assuming"!!~! Hey, any of the above replies, Has anything happened to you???? Please let us know. I don't want to lose my home, I have had for 9 years. This is Bull-S$it!!~!! ;) From Cali!!~! ;)


Submitted by on Sun, 07/25/2010 - 16:02

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I am in exactly the same situation! B of A has been horrible, I also have been told to ignore the letter of intent but they have put me through hell for two years now! Because of what they have done by giving miss information and flat out lies we are now 12,000 behind without any way of making that up. I am just sick. This has been our home for 25 years. I now feel like they are forcing me to obtain a lawyer to protect myself from their predatory ways. If you read these posts the common threat is unbelievable! Bank of America is forcing people into foreclosure! Please add me to any class action suite. They have also jacked up my payment to 30% more than the original. I think they have broken some laws here. If anyone has had any resolution, please post it! I would rather give my home to lawyer fees then B of A


Submitted by on Tue, 08/10/2010 - 19:28

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All I have to say is that I just picked up my "letter to accelerate" and was hoping to find some guidance. I find it ironic that all of the posts that popped up are about b of a. So ridiculous. The only comforting this is that it validates I am not crazy. I have been getting the run around for months. I have taken detailed notes and am a very clear speaker. I feel like I am going crazy because everyone I speak to at B of A gives me a different answer and the constant transfer. I have spent hours on hold, been transfered to so many wrong departments, and at the end of the day, told I don't qualify for a mod, they can't tell me why, say on the phone I can short sale, but then send me this letter!!! What is going on. Obviously no one has any answers. This bank was given stimulus money and for what to sit on it and help NO ONE!!! Nothing but similar stories of the run around.


Submitted by on Thu, 08/12/2010 - 22:23

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Have a similar experience. got laid off back in 2008. both mortgages went behind. called constantly and got different answers from different people. finally got 2nd modified and then got first modified. now got notice of acceleration on 2nd and called on last day to set up payments into future while doing monthly. got notice of acceleration on first and calling to do same with first. BUT initially got foreclosure papers on details of the 2008 fall behind. I was confused as to what they were doing and it took my months to figure it out. now working with attorney as language in loan is not compatible with loan actually being modified. I would suggest talking to an attorney about situation. The notice of acceration is the step before you get a notice of default. With the notice of default, you then have 90 days to make arrangements with lender or foreclosure starts. once foreclosure starts, they set a date for the sale of your home. You have until 5 days prior to that Date of sale to reinstate the loan. hope this helps.


Submitted by on Fri, 09/03/2010 - 15:38

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We too have a BofA story - after income decreased we applied for home modication. In October 2009 Bof A sent us a "3 month trial" modification, substantially lowering our monthly payment on our first . We were not notified that our modification (Making Homes Affordable) was declined until May 2010. BofA phone reps kept saying continue the lower payment until you hear from us and that they were looking at other modification options. We received a notice of intent to accelerate August 5 saying that we now owed $20,000 by Sept. 4th? It seems that when your home modication loan is denied, they then charge you the difference between what you were paying before the modification trial and what you have been paying on the program. That's insane.. needlesstosay we cannot make that payment! Our credit is now ruined because even though we were current on our loan before we started the program, BofA has now hit our credit with late payments for every month we were on their "modification" program? What a scam... our kids are grown and although it will be painful, I don't see any other alternative but to move on!


Submitted by on Wed, 09/08/2010 - 10:36

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I took a $10K pay cut last year to go to a monday thru friday 8-5 job for my family. I was working first and second shift for the local county jail. I was pregnant with our 2nd child, our mortgage increased $600 a month due to property taxes, etc. I was one month behind and called them telling them my situation. In february they filled foreclosure. The judge requested a settlement conference in April. I did get modification papers in March putting our monthly payment back down to manageable and the delinquencies and fees were supposed to be added back onto our principle. Then in may (without any notification that the modification was approved or anything) they took a payment out of our partial balance for $1300. Then i finally received a bill for June with the lower month payment. In July it was $150 more than July, then in August it was another $100 more than July. I called and complained with nothing accomplished. I then filed a complaint to the Better Business Bureau. 4 days after my complaint, they reallocated all the payments and put everything back to where it was. Then 5 days after they contacted me on August 11th, I received a Notice of Intent. This notice had $1224.00 in fees/fines on it. I have never received any notification or paperwork with this amount on it. All my statements from June through August (even including the one where they reallocated my payments) did not have this amount on there. I called for 3 days straight. One day I spoke with 10 different reps. NOTHING was accomplished. I finally got someone that could answer where these fees came from and she said it was from the modification. I told her i was not going to send any more money until they sent me a written document with where these fees came from and how they were allocated since everything included with the foreclosure back in February we supposed to be put back on the principle of the loan. I still have not received this written document. I filed another complaint with the Better Business Bureau. I am also working on filing a complaint with the Indiana Attorney General's Office. Bank of America is nothing but a scam. They were bailed out to help their loan holders but they only gave that money to their CEO's. On that note I do have the CEO's contact information, I am planning on contacting him as well. His name is Brian Moynihan. Email address is His office contact information is Excutive Relations; . Please email me at if someone thinks of something else to do.


Submitted by on Wed, 09/08/2010 - 11:46

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I agree where do I sign up


Submitted by on Mon, 09/20/2010 - 08:22

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Got my ITA letter today, 9-20-10. I'm 1 month behind.

My status, which might help others out there:

1. Appied for all the federal modification plans available. DENIED. Reason? None given.
2. Asked for a modication, just toss the missing payment on the end of the loan. DENIED. Reason? I no longer have "credit" for a "home saver" loan.

I have been paying the late fees on the loan [$80] which doesn't help in catching up. Have 1st and 2nd with BOA, originally CountryWide.

NOTE: Countrywide USED TO allow 1 miss payment in a 10 year period. BOA does not. When they bought Countrywide, we all lost the benefit.

BOA is seeking more money from the feds. MORE BAILOUTS and this is how they do it-- make themselves near bankrupt and the feds will have to save them because, ahem, they're "too big to fail".

There you go Main St. America, the rich got their bailout on OUR BACKS and we get jack s&&t in return.


Submitted by on Mon, 09/20/2010 - 22:42

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Quote:

Originally Posted by Anonymous
how can I find out if I qualify for FHA HUD to pay my past do amount


I tried that. Here's what happened: HUD signed me up for one of the fed loan modification programs. The info was sent to the bank, the denied. End of story.

I know a number of family members over the country that have tried this. Rich or poor, none of them qualified. We're white-- if only we were illegal aliens or Black.


Submitted by on Mon, 09/20/2010 - 22:45

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Quote:

Originally Posted by Anonymous
Can't anyone do anything about B of A???? They are running rampant with these notice to accelerate!! Why can't obama shut them down??


No one can do ANYTHING... we live in a country filled with Sheeple.

What WOULD help is to "Acorn" the CEO's houses but I doubt you'd find enough non-Sheeple to participate. Complacency is killing us.


Submitted by on Mon, 09/20/2010 - 22:48

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Quote:

Originally Posted by Anonymous
I tried that. Here's what happened: HUD signed me up for one of the fed loan modification programs. The info was sent to the bank, the denied. End of story.
I know a number of family members over the country that have tried this. Rich or poor, none of them qualified. We're white-- if only we were illegal aliens or Black.



It's racist idiots like this one, who hold everyone back.


Submitted by on Thu, 09/23/2010 - 18:09

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B of A is running rampant with the notice of intent, I have been waiting for remodification approval for over 15 months. No one knows what to do. If anyone ever get the remodification approved please post, maybe they will finally all start working.


Submitted by on Thu, 09/23/2010 - 23:43

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#32 you stated you waited for 14 months before your remodification was approved, processed, and you received a new coupon book, if not what type of confirmation were you given from BOA and were you paying during the 14 months you were waiting for approval?


Submitted by on Thu, 09/23/2010 - 23:49

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For the record.. DO NOT IGNORE A BANKS INTENTS TO ACCELERATE!!. YES THEY CAN AND WILL.
If we took this bull by the horns, and used our intelligence instead of not doing anything at all. We would maintain control of the situation.
When the banks holler about failing stocks an stick their hands out for a bailout, we should do it ourselves. Each and every time we allow the FEDS to step in and "take care" of it.. we find ourselves in further debt. If we lent them the money ourselves, we would be in the drivers seat period. We would be able to make the required and NEEDED modifications to them by placing stipulations on them so stiff that it would make their world spin.
Not too many people really know the truth about the banking system and how it works. The fact is that when we go to a bank and ask for a loan, we are not getting money "they loaned us" the fact is, we are the originators of this money. (do your research and find out)
So in fact the "original note" was unlawfully converted to the banks liabilities in the form of "bank credit".
A very good read for those who are seeking the truth I would recommend the Modern Money Mechanics written by the Federal Reserve Bank of Chicago them selves. Another absolute MUST read is "How to combat Bank Foreclosures" [(takes a while to load it is a large file)]
PLEASE help your selves by doing some research. The world is NOT as though it appears.


Submitted by on Tue, 09/28/2010 - 11:26

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Contrary to what others have posted YOU can do everything you need to request a modification of your own loan, you do not need a lawyer.
Look up the HAFA program fill out that application, call B of A. request a modification through the gov. HAFA program, you've already provided your hardship letter, provide other financials and pay stubs etc in support of your claim that you are in immenent danger of default - YOU can do all this yourself and you do not need to pay anyone to do what at the end of the day you have to do the leg work and provide anyway.Be vigilant about follow-up, documenting everything you send them and asking them if you need to do anything else.
GOOD LUCK
Siobhan Long, Realtor
QUOTE=Anonymous;444847]Hi everyone. Long story short - I have a second mortgage with Bank of America (originally Countrywide). I bought a home for $290k in April 2006. Citi has the first mortgage for $232k; B of A has the second for $58k.
The B of A loan has an interest rate of 9.375%. Each month I pay almost $500 in pure interest. I know - it was stupid to take the loan. But I did.
Anyway, lost my job and found a new one, but at 15% less pay. Meanwhile my house value has dropped precipitously - now it's worth (optimistically) $200k. That's official - neighbor in similar house / lot was just appraised for $205.
I have missed my May and June payments with the B of A loan. On June 2nd, I received a Notice of Intent to Accelerate. It stated that if I don't pay them $1000 by July 2nd, they will begin foreclosure proceedings (the emphasis on 'will' was in their letter).
I want to keep my home. But the $500/month in interest is awful and there is no equity in the house to support that second lien. So I'm not certain why they would foreclose only to receive.... nothing. Because Citi would get everything at the foreclosure sale.
I would like B of A to lower my interest rate to 0% for a year and then raise it to a maximum rate of 5% over three years. That should give me enough time to (hopefully) get a raise or two and eliminate other expenses.
So I have two questions -
1. Has anyone successfully had a second mortgage modified by B of A? What are my chances of a modification if the equity doesn't support their lien?
2. How serious is this Notice of Intent to Accelerate? I'm not even 60 days past due. Will they really foreclose after 60 days?
This is longer than I intended. Sorry! :roll: I'm not trying to get the principal reduced, or anything - just some breathing room while my budget adjusts.
Thanks for your help.
-Anna[/QUOTE]


Submitted by on Thu, 10/28/2010 - 14:13

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